Listed firms to submit financial statements, reports electronically

ISLAMABAD: It has been made mandatory for all listed companies that besides sending their financial statement and other reports through surface post, they also have to submit these documents electronically to the Securities and Exchange Commission of Pakistan (SECP).

A statement issued by the commission on Friday said consequent upon the promulgation of the Companies Act 2017; every listed company is required to send electronically a copy of the annual financial statements along with the auditors’ report, directors’ report and chairman review report to the Securities and Exchange Commission of Pakistan, in addition to filing its annual financial statements through post.

This provision has been added to the act to ensure effective compliance by listed companies at a reduced cost.The Securities and Exchange Commission of Pakistan has designated an email address - financial.statements@secp.gov.pk - for electronic transmission and advised all listed companies to transmit annual and quarterly financial statements both in ‘PDF’ and ‘MS Excel’ formats through email.

It has been observed that in some of the instances, listed companies have filed their annual and quarterly financial statements in either PDF or MS Excel formats, which is against the spirit of the provisions of the act and the circular. Accordingly, all listed companies are hereby advised to ensure transmission of their annual and quarterly financial statements strictly in both PDF and MS Excel formats.